Swiss-American pharmaceutical behemoth Novartis International AG (NYSE: NVS) has decided to cut 8,000 jobs as part of a previously announced restructuring plan. Shares closed down 1.3% at $84.17 following the news yesterday. Novartis will cut approximately 7.4% of its 108,000 workers globally. The cut would impact around 1,400 employees in Switzerland, out of the current 11,600 employees. In April 2022, Novartis announced changes to its organizational structures, including merging its Oncology and Pharmaceutical businesses into one arm, Innovative Medicines (IM). This step, it said, would “increase focus, strengthen competitiveness and drive synergies.
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